We use cookies
to help provide you with a good experience on our website. By continuing to browse the website, you are agreeing to our use of cookies.

Bulgaria: Repsol transfers offshore block rights to Total, OMV

BLACK SEA
OIL & GAS

Bulgaria: Repsol transfers offshore block rights to Total, OMV

Bulgaria's government said on Wednesday that it has extended the oil and natural gas exploration permit for the 1-21 Han Asparuh offshore block in the Black Sea by two years, to May 15, 2022. Source: SeeNews

In addition, the government allowed Repsol Bulgaria to transfer its 30% interest to the two other participants in the project - Total E&P Bulgaria and OMV Offshore Bulgaria, it said in a statement following its weekly meeting.

As a result, Total E&P Bulgaria will control 57.14% interest, while OMV Offshore Bulgaria will own 42.86%.

The two companies intend to invest 3.3 million euro ($3.8 million) in additional geological and geophysical works and seismic surveys during the two-year extension of the permit.

The 1-21 Han Asparuh block is located deep offshore in the Bulgarian sector in the western part of the Black Sea and covers an area of 14,220 sq km with water depths of up to 2,200 m.

In October 2016, Total said it had discovered oil in the block.

The companies won a permit for prospecting and exploration of oil and gas in the 1-21 Han Asparuh block in 2012. Under the terms of the contract, they committed to invest over 1.0 billion euro in the gas exploration process, while Bulgaria would receive 40 million euro in the form of bonus payments from the deal, the economy ministry said at the time.

Relevant news

GO NET-ZERO
CARBON ENERGY
Total Enters World's Largest Floating Wind Project in Korea
Total and Macquarie have linked to plan more than 2GW of offshore wind off South Korea.
BLACK SEA
OIL & GAS
Bulgaria restores gas flows to Greece after pipeline accident
Bulgartransgaz has resumed gas deliveries to Greece via the Kulata–Sidirokastron interconnector after a halt of operations due to a rupture earlier.
GO CIRCULAR
PETROCHEMICALS
In France, Citeo, Total, Recycling Technologies, Mars and Nestlé join forces to develop chemical recycling of plastics
The first-of-a-kind consortium of world-leading players from across the plastic packaging value chain will examine the technical.
GO NET-ZERO CARBON ENERGY
Equinor, Shell and Total sign off on building world's first carbon capture network
International oil giants hand in $685m to Norwegian government to develop project to capture 5 million tonnes of CO2 a year from European heavy-emitters
GO NET-ZERO CARBON ENERGY
Total adopts a new climate ambition to get to Net Zero by 2050
Total announces today its ambition to get to net-zero emissions by 2050
GO NET-ZERO CARBON ENERGY
Total to examine if O&G platforms can run on renewable energy
French energy major Total has joined a project to explore the potential of powering offshore oil and gas platforms with floating wind and wave energy.